Is the IRS Coming for Your Gambling Winnings?
Is the IRS Coming for Your Gambling Winnings? by Kate Schubel, Kiplinger Personal Finance The latest tax audit on unreported income points to high-income, high-wealth gamblers. Could that be you? […]
How to Write Off Gambling Losses on Your 2024 Tax Return
How to Write Off Gambling Losses on Your 2024 Tax Return Gambling comes with wins and losses—and it’s a good idea to keep track of both. According to IRS rules, […]
6 Ways to Lower Taxes in Retirement
6 Ways to Lower Taxes in Retirement Entering retirement brings many changes, but freedom from taxes isn’t one of them. You’ll still have to pay your debt to Uncle Sam […]
Tax Breaks for Homeowners
Being a homeowner comes with numerous benefits, including potential tax breaks. If these itemized deductions add up to more than the standard deduction, you can save a lot of money. […]
What You Need to Know About Marginal vs. Effective Tax Rates
Do you know your effective tax rate for 2024? What about your marginal rate? Don’t worry if the answer is no—you’re not alone. The difference between effective and marginal tax […]
Here Are the 2024 Tax Brackets and Federal Income Tax Rates
In the U.S., your tax bill rises with your income. There are currently seven tax brackets that you might fall into: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Each […]
Taxpayer Relief: IRS Waives Penalties on 2020 and 2021 Tax Returns
If you didn’t pay taxes on time in 2020 and 2021, the IRS has good news. You don’t have to pay normal penalties. Why? Because the pandemic disrupted so many […]
6 Tax Deductions for Sole Proprietors
Sole proprietorships represent 81% of small businesses in the U.S. If you belong to the club, you know working for yourself comes with advantages like flexibility and greater control of […]
What Happens If You Misclassify Employees as Independent Contractors?
Let’s say you hire a freelance graphic designer to create your logo. Their work is fantastic, and you give them so many additional projects they eventually decide to work exclusively […]
How Will the 2024 Independent Contractor Final Rule Affect Your Business
Whether you make a deal with a landscaper or work with an independent graphic designer, hiring freelancers is extremely common. However, in 2024, the Department of Labor (DOL) implemented a […]
Should You Form an S Corp
When you work for yourself, you can structure your business in multiple ways. Many entrepreneurs choose to establish S Corps for tax advantages and perceived legitimacy. However, the setup doesn’t […]
Should You Form an LLC?
If you’re self-employed, it’s common to structure your business as an LLC. However, it’s not necessary for every entrepreneur. According to the IRS, LLCs represented just 10% of non-farm sole […]
